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Biofourmis raises US$5m in Series A funding from NSI Ventures, Aviva Ventures

SINGAPORE-BASED digital healthtech firm Biofourmis has raised US$5 million in a Series A round of funding from venture capital firm NSI Ventures and Aviva Ventures, the corporate venture arm of insurer Aviva.

Biofourmis has created a health analytics platform known as biovitals, which leverages artificial intelligence to analyse physiology data from clinical grade wearables. The data gleaned from this allows medical professionals to intervene before a critical medical event takes place, which can potentially improve health outcomes and lower healthcare costs.

In addition, Biofourmis has entered into a collaboration with the Mayo Clinic, which would enable the company to access anonymised healthcare data from clinical trials and Mayo's medical insights. Mayo Clinic has a financial interest in the company and the relevant technology.

Kuldeep Singh Rajput, founder and CEO of Biofourmis, said: "We look forward to leveraging NSI's expertise and hands-on approach to help companies scale globally, and benefit from Aviva's insurance expertise and ability to tap into their global customer base."

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Biofourmis will use the funding to scale up its commercial operations to provide post-acute patient monitoring services and it is preparing for the commercial launch of its software as a service (SaaS) platform, biovitals.

Meanwhile, Biofourmis and Mayo Clinic will collaborate on refining wearable biosensor-based diagnostic algorithms and alerts that integrate with the SaaS platform, biovitals, to predict heart failure events.

Fernand Lendoye, managing director of Aviva Ventures (Asia), said: "Biofourmis is a great example of Aviva Ventures' ideal of a new technology business that's tackling a huge problem for customers and society with global implications, and has the ability to scale up."